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Uber (UBER) shares +10% after optimistic Q3 outlook
Uber (UBER) raised the prospect of a first ever quarterly profit on Tuesday as it updated guidance and narrowed its gross bookings forecast in a new SEC filing.
Uber Technologies (UBER) shares surged 10% higher on Tuesday after the ride-hailing company offered a more optimistic outlook for Q3 following successful investments in “growth initiatives”.
Uber’s streamlined taxi service has shaken up the industry during the last decade, but it’s also making strides in areas such as food delivery and freight transportation.
After a lengthy period of loss-making, Uber is now on the cusp of delivering a first ever adjusted profit after guiding for up to +$25m bottom line for Q3 in an SEC filing.
This is a notable improvement from the $100m loss it had initially forecast, though the lower end of its range still amounts to a $25m loss.
Looking further ahead to Q4, Uber sees adjusted EBITDA growing and coming in at between $0 and $100m.
The San Francisco-based company has also updated its guidance for gross bookings, which are now forecast to hit $22.8bn to $23.2bn after a previous update offered a wider $22bn to $24bn figure.
Chief executive Dara Khosrowshahi said that he was happy with how Uber has responded to major challenges during the last 18 months, noting that “crisis breeds opportunity”.
He added: “[We’ve] not only grown our global leadership across both mobility and delivery; we’ve done so more profitably than ever before. As a result, Uber is reaching an important milestone.”
The positivity follows on from a relatively strong Q2 in which Uber posted $0.58 per share earnings and $3.9bn revenue, even as adjusted EBITDA missed the consensus.
The latest developments saw Uber move higher on the New York Stock Exchange on Tuesday, with the 9.39% advance by early morning meaning that shares were changing hands for $43.52.
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